Stellantis shares fall as new CEO avoids big shake-up of top jobs

A Stellantis sign. (AP Photo/Carlos Osorio, File)

MILAN — Stellantis’ new CEO Antonio Filosa will retain his previous role as head of the key North American market as he broadly confirmed on Monday the French Italian automaker’s senior management team on his first day in the job.

Trading in Stellantis’ shares was briefly suspended after they fell more than five per cent at the open. They were down 1.8% by 9:10 AM Greenwich Mean Time (GMT) among the worst performers in Italy’s blue-chip index.

Analysts at Jefferies said Filosa’s decision to keep direct responsibility for the North American business, however logical, was also “suggesting that revamping Stellantis may not be a full-time job.”

Stellantis shares have fallen 10 per cent since Filosa’s appointment at the end of May, with investors disappointed that an insider was picked following a six-month search to replace Carlos Tavares to revive the carmaker’s profits, the U.S. business and share price.

The global car sector is also struggling with aggressive competition from China, especially in electric vehicles, the impact of U.S. President Donald Trump’s import tariffs, as well as regulatory uncertainties.

“In this context, these internal choices for CEO position and then for top management do not really offer a catalyst for short-term investors to buy,” said Massimo Baggiani, founder at Niche Asset Management in London, which sold Stellantis shares last year.

The new executive team has a total of 16 direct reports to Filosa, compared to up to 33 under Tavares, who stepped down in December. All promoted managers were internal.

A source familiar with the matter said Filosa’s decision to retain the North American business leadership stemmed from his commitment to continue the job he started about nine months ago to revamp the region, which has been at the core of Stellantis’ recent problems. He also wanted to continue to manage the effects of U.S. tariffs, the source added.

Cutting ties with Tavares

Filosa, who turns 52 on Thursday, will for now be based mainly in Detroit.

In February, under the steer of Chair John Elkann, the world’s fourth-largest automaker by sales launched a wide management shake-up, which started to cut ties with the Tavares era.

CFO Doug Ostermann and Technology and Engineering Chief Ned Curic, two key figures in the group’s organization, were confirmed in their roles, with Ostermann also taking charge of mergers and acquisitions and joint ventures, the company said in a statement on Monday.

Jean-Philippe Imparato will continue to lead Stellantis’ European business.

Maxime Picat, the group’s chief purchasing and supplier quality officer, who also applied for the CEO job and is now seen as a candidate to succeed Luca De Meo as CEO of Renault, has left Stellantis, the company said.

His functions will now be taken by Scott Thiele, in a dedicated and newly created role of head of supply chain, and Monica Genovese, who was appointed head of purchasing.

(Reporting by Giulio Piovaccari; Editing by Gavin Jones and Emelia Sithole-Matarise)